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The partnership, called Keshet DCP, will get rights to about 20 existing unscripted shows from KI, as well as future shows.

DC Media, parent of Dick Clark Productions, and Keshet International, the company behind Showtime's Homeland, have formed a joint venture called Keshet DCP for developing and financing unscripted television programming in English and Spanish for U.S. and worldwide audiences, the companies said Wednesday.

Under the terms of the deal, Keshet DCP gets U.S. rights to future unscripted shows from KI as well as its current catalog of about 20 unscripted programs, including Master Class, a children's talent show sold in five territories, and Sure or Insure, which launched at MIPTV 2013 and has been sold to eight territories.

The joint venture will also serve as a platform for the two companies to jointly finance, develop and produce unscripted programming, while also boosting the presence of Keshet in the U.S. and Dick Clark Productions worldwide.

Overseeing Keshet DCP are DC Media CEO Allen Shapiro and KI managing director Alon Shtruzman, though there are plans to hire a new executive to run the joint venture out of Dick Clark Productions' offices in Santa Monica and that person is expected to hire a number of staffers.

One of the first shows Keshet DCP is looking to exploit is Rising Star, a live talent show that incorporates real-time audience voting through a downloadable app. The show debuted last month on Keshet Channel 2 in Israel to an impressive 44.7 percent household share.

Other shows from KI, which is the global distribution and production arm of Keshet Media Group, include Help our Daughter Find Love, The Vault, Traffic Light and Dear Neighbors.

The joint venture is expected to choose which Keshet shows in other countries could be tweaked for an American audience and introduced stateside.

"This supercharges us into the unscripted business," Shapiro told The Hollywood Reporter. "There's so much material that hasn't been exploited in the U.S., and that hasn't even been shopped in the U.S."

Shtruzman told The Hollywood Reporter he searched a long time for a suitable partner before settling on Dick Clark Productions, a company he described as "hungry and dynamic." He called Shapiro "one of the most savvy people I met in television."

Dick Clark Productions is the producer of such shows as TheGolden Globe Awards, Academy of Country Music Awards, Dick Clark's New Year's Rockin' Eve with Ryan Seacrest and So You Think You Can Dance.

Dick Clark Productions was purchased in 2012 by Guggenheim Partners, parent company of The Hollywood Reporter.